Capital-raising activities in Japan
A guide for offshore fund managers to navigate the regulatory landscape of Japan
During the last few years, there has been an increasing number of offshore fund managers seeking to raise capital in Japan. Throughout the financial year 2012, the total amount of investments made by Japan investors (into investment funds) was approximately JPY69 trillion1 and this figure increased to more than JPY107 trillion in FY20152.
However, the solicitation and marketing of fund interests to investors in Japan is a heavily regulated activity, with distinctions and nuances that are frequently unfamiliar to offshore fund managers. This article is intended to provide a broad overview of the regulatory framework applicable to offshore fund managers in relation to capital raising activities in Japan.
- The Japan FSA, “Results of Fund Monitoring Report” dated October 2013. The amount includes investments made by Japanese investors into both domestic and foreign investment trusts and corporations and collective investment schemes (e.g., limited partnerships); please note that the amount may be counted more than once as several distributors are handling the same fund interests.
- Ibid (dated November 2016)
Performance magazine issue 22, January 2017
Performance is a triannual digest, dedicated to investment management professionals, which brings you the latest articles, news and market developments from Deloitte’s professionals and clients.